Cancellation of Insurance

Cooling off period

If you change your mind about an insurance or subsequent renewal of insurance you should ask us or your insurance agent to cancel within the first 14 days from the date that cover began, or within 14 days of the renewal date. We will cancel the cover from the start date as if it has never been in place and refund any premium paid in full.

Cancellation at any other time

Should the vessel be sold or ownership transferred you must notify us or your insurance agent without delay.

We will calculate any return of premium from the date of the formal Bill of Sale or the date we receive notification from you or our insurance agent.

In respect of a jointly owned vessel, confirmation of the sale or transfer of ownership will be required from all parties.

Return of premium

You will be entitled to a pro rata daily return of premium calculated on the annual premium charged after deduction of any no claims bonus entitlement. We will refund the unused proportion of the premium and insurance tax but we will retain a cancellation fee.

You or we may cancel the policy at any other time subject to us both having to give each other 30 days' notice or by mutual agreement. Any return of premium will be calculated as if the vessel had been sold and subject to a cancellation fee.

Your insurance agent may also charge a fee for their services.

Applying fees

Cooling off period: We will refund the premium you paid in full.

Sale of vessel: We will refund the unused proportion of the premium and insurance tax but we will retain a cancellation fee of £25.

Cancellation at any other time: Any return of premium will be calculated as if the vessel has been sold and subject to a cancellation fee of £25.

External linksThroughout our site you will find links to other sites which are intended to help you access information that may be of interest quickly and easily. We cannot be held responsible for the content and availability of external websites and by clicking the external link icon to access these separate websites you will be subject to the terms and conditions of use applying to those sites.

Nautical Insurance Services Limited is authorised and regulated by the Financial Conduct Authority(FCA) under firm reference 307458.Registered in England, Registration No.2626462 / Registered Office: Beren Court, Newney Green, Chelmsford, Essex CM1 3SQ. You may check this on the Financial Services Register by visiting the FCA’s website, www.fsa.gov.uk/register/ or by contacting the FCA on 0800 111 6768.

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